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How Banks Are Working to Protect You from Fraud by Bowman Offshore Bank Transfers

You might be surprised by the level of sophistication and organization of today's bank thieves. Rather than holding up a branch, today's robbers use resources purchased on the dark web, the internet's underbelly, to hack accounts and drain them with fraudulent charges.

"I'm not sure the industry is staying a step ahead," says Kurt Long, the founder and CEO of data protection firm FairWarning. "It's an arms race." However, banks aren't helpless in the face of these thieves, and they are continually working to improve their systems to detect and deter fraud.

People-centric systems pose new challenges. In the days before cloud applications, it was easier to protect data. A firewall or similar system could be adequate to keep information safe from most threats. Today, it's different. "It's not as easy as putting a ringed fence around the data," Long says.

That's because millions of people are now accessing data from the cloud. Not only does a system have to keep its information safe from outside attack, but it also has to ensure all those people using it are who they say they are. These people-centric systems pose a special challenge for financial institutions. "You've got to have a multi-layer approach," says Vince Liuzzi, chief banking officer at DNB First. As a result, banks are combining machine learning and automation with old-fashioned customer contact to identify and address potential fraud.

Algorithms and AI working together. The earliest automated fraud detection systems relied on algorithms to identify potential problems. "Algorithms are sets of rules," explains Salvatore LaScala, AML practice leader and managing director for consulting firm Navigant. If a rule is broken – say a larger than normal purchase is made – the algorithm triggers a follow-up action such as a text message or phone call to the customer. "It's trying to see if I'm actually in Dubai doing something," LaScala says.

However, an algorithm alone can't adjust itself. If a customer visits Dubai every month and confirms that every purchase made there is legitimate, the algorithm will continue to flag those transactions until it has been modified to account for this customer behavior. That's where artificial intelligence, or machine learning, comes into play. "Artificial intelligence helps algorithms work more quickly," LaScala says. Rather than waiting for a person to adjust an algorithm, AI can tweak the model as new data is gathered.

"There is data provided for every card swipe," says Patrick Davie, vice president of card services for Fiserv, a technology solutions company for the financial services industry. This includes the place, time, amount and other details of the transaction. "That all gets fed into the model." Then the AI determines if and how the algorithm should change for that customer.

"Machine learning can start modeling out what are the appropriate behaviors," Long says. As a result, a large purchase overseas can pass through the system unchecked if it fits with a customer's previous purchasing behavior.

In addition to creating algorithms to flag suspicious behavior, organizations are increasingly open to using community intelligence, Long says. This means that when one bank becomes aware of a new or trending security threat, it shares that information with other institutions that may become targets.

Balancing convenience with security. The problem with bank anti-fraud measures is they often come with a level of inconvenience. "Historically, people like me were paid to stop fraud and not worry about the customer experience," Davie says.

Nowadays, that could be a costly approach for a financial institution. If a person has two or more legitimate transactions denied within a seven-month period, the average spending on that card six months after the last denial goes down 15 percent. What's more, 20 percent of people will stop using the card completely, according to a recent Fiserv analysis of 20 million cardholders.

"It's critical that you balance the automated measures with exceptional customer service," Liuzzi says. That level of service might be enough to offset any annoyance with having to verify purchases or deal with a temporarily locked card.

Still, LaScala says the risk of alienating customers is one banks have to take. "The brand has to maintain integrity," he says. No one wants to bank at an institution known for lax security.

Getting help from customers. While automated systems are doing the bulk of the work to detect fraud, financial institutions are hoping customers will help in the effort as well. Liuzzi says some things, such as the ability to search an extended account history online, are offered as a customer convenience, but they also serve a security purpose by letting people easily find questionable transactions.

Some banks are going even further by giving customers greater control over the use of their card. Fiserv's CardValet app sends alerts when cards are used, lets customers lock down a card to a certain geographic area and "turn off" cards they won't be using.

Although criminals can be sophisticated, sometimes the oldest tricks are still the most effective. "Phishing is probably one of the most prevalent ways we've seen [to commit fraud]," Liuzzi says. These scams involve sending emails to customers requesting they log in to verify account information. The messages look official, but take people to a dummy website that collects their banking information. Liuzzi says the best defense against these scams is customer education.

Bank thieves are upping their game all the time. "They are forever innovative," Davie says. But with a little help from customers and high-tech solutions, banks are hoping to keep pace and keep people's money safe.

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TCG Tokyo Consulting Group Japan: Services

Doing Business in Japan With the Help of Tokyo Consulting Group

Tokyo Consulting Group's mission is to help companies doing business in Japan enhance their business operations through the incorporation of our accounting services. Our main services are business setup, book keeping & accounting consulting, audit, tax, labor M&A human resources, social insurance, payroll, and M&A operations.

Furthermore, we provide consulting and advising services in various types of businesses and industries for foreign and prospective entities who understand the business opportunities in Japan, and wish to establish their presence in this highly dynamic market. Our multicultural and multilingual staff is composed of more than 300 experienced and qualified professionals, many of them being Japanese Certified Public Accountants, USCPAs, Licensed Japanese Tax Accountants, and Social Insurance and Labor Specialists.

We have an integrated service philosophy which allows us to provide the best service by selecting the exact expertise needed for each project from our experienced staff. Thus, we can deliver the best service possible, from accounting and tax consulting work, to legal and cultural education about customs and regulations in Japan. Our integrated service philosophy allows us to provide the best service by selecting the exact expertise needed for each project, whether it is all-in-one or periodical consulting services for any business needs in Japan.

Tokyo Consulting Group's expertise comes from the extensive experience and knowledge of the Japanese business environment. With our extensive experience in setting up subsidiaries of foreign companies, we can help your organization at every step of the way when doing business in Japan.

Throughout our wide range of services, our commitment to our clients is absolute, and we focus on providing additional value to every engagement. It is our ultimate goal that our clients become successful in Japan, and contribute to society in an effective way with our support.

Tokyo Consulting Group is an affiliated firm of GGI, a large network of independent accounting, tax and consulting firms worldwide, with 22,180 professionals and 651 offices in 114 countries. As a Japan-based company, we have the advantage of understanding the Japanese culture and customer satisfaction standards, while partnering with a highly valued UK-based accounting group.

For a detailed presentation of our services, and to better understand how Tokyo Consulting Group can help your organization take advantage of the business opportunities in Japan, please select one of our areas of expertise on the left menu. You can also contact us today to schedule a free consultation with one of our expert staff.

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Wanneer je een chauffeur service ingehuurd, verwachten u niet alleen op uw bestemming aankomen op schema, maar ook in comfort en stijl. Om een soepele en een uitstekende service aan clients, moet een bedrijf een vloot van goed onderhouden auto's samen met goed opgeleide chauffeurs geschikt voor het leveren van een voorbeeldige clientservice bezitten. Tokyo MK Taxi garandeert dat klanten zullen genieten van hun professionele service elke keer als wij geen licht aan deze belangrijke discussie geven.

Tokyo MK vergt trots in het hebben van hoog opgeleide chauffeur met uitgebreide ervaring in rijden en de behandeling van cliënten. Wordt een chauffeur houdt meer dan gewoon een rijbewijs, chauffeurs in ons bedrijf zijn even geschoolde clientservice en klanten veilig van en naar hun bestemming te vervoeren. Hier zijn een paar dat maakt onze chauffeurs opvallen tussen de rest:

Ongeëvenaarde klantenservice. Naar verwachting voor chauffeurs voor de behandeling van de passagiers met de uiterste respect en hoffelijkheid. Wij werken om u duidelijk te maken waar u wilt gaan veilig en comfortabel terwijl gelet op al uw behoeften.

Geschoolde en goed-deskundig. Een van de belangrijkste voordelen van het inhuren van een chauffeur is de lokale kennis die chauffeurs kunnen bieden. Tokyo MK Taxi chauffeurs zijn goed-geïnformeerde in het gebied, dus u hoeft niet een probleem om naar uw bestemming. Bovendien zijn ze gewapend met mechanische kennis aan onverwachte auto problemen oplossen die zich, zoals lekke banden op wegen voordoen kunnen.

Professionele uitstraling. Het is zonder twijfel dat uiterlijk speelt een belangrijke rol in de besluiten die de mensen maken. Onze chauffeurs oefenen met persoonlijke verzorging en decorum en goed gekleed om te laten zien van professionaliteit in de menigte kunnen worden gezien.

Met een divers scala aan elegante en goed onderhouden auto's, Tokyo MK Taxi functies Lexus groep enthousiastelingen verbluffende uitvoerende sedans, SUV's en limousines waaruit onze minutieus onderhouden vloot. Grote clientservice is een integraal onderdeel van onze service, zoals we op maat gemaakt zijn zodat u onze nummer een prioriteit.

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'There are minimal overheads and profits can be limitless'

Cybercriminals are increasingly targeting UK workers files and data, and the Metropolitan Police have warned that “no one is safe”.

The FBI, Metropolitan Police, and security experts all agree that cyber ransoming has fast become one of UK’s biggest economic crimes.

Unpredictable, unstoppable and potentially fatal to a business, the rapid emergence of ransomware has become a threat to people across the nation.

August Graham, the editor of the Sentinel, arrived at work one morning last summer to find a note pop up on one of the computer screens. It informed him that all the files on the firm’s server had been encrypted and were being held ransom.

He was told he had to pay £500 to get them back, or they'd be destroyed.

Last year, 54 per cent of businesses in the UK were hit by ransomware attacks, according to a survey by Osterman Research on behalf of Malwarebytes. In 20 per cent of the cases, it stopped business operations immediately.

Gadgets and tech news in pictures

The average ransom demanded is £520, but some can be enormous. Three per cent of UK companies that have been hit by ransomware reported a charge of over £50,000 to recover their data.

Gary Miles, the detective chief inspector of FALCON (Metropolitan Fraud and Linked Crime Online) described cyber ransoming as “the crime of choice” right now.

“For a criminal, the cyber ransoming business model is very attractive," he said. "There are minimal overheads and profits can be limitless.”

If you measure risk against reward, it's no wonder ransoming has doubled each year since its 2012 emergence. Robbing one computer at a time violently using a knife or gun doesn’t scale well.

However, one hacker can rob thousands with the click of a button.

What is ransomware?

In the first stage of a ransomware attack, a target will receive an email appearing to contain a legitimate attachment, such as an invoice or link to a website. Most people will have come across one of these infected messages.

In the past, they've tended to be written in broken English and easy to spot, but hackers have skilfully refined their techniques.

If the victim takes the bait and engages with the content, the second phase begins. The malicious code in the attachment will then be released onto the victim’s machine and spread fast.

It will encrypt all files and folders in local drives, attached drives, backup drives and other computers on the same server. In no time, all files will become corrupt and inaccessible.

The ransom note will then appear on the computer screen. Demands can range from a couple of hundred to several million, depending on how much the hacker thinks the organization will pay.

What to do if you're targeted

Ransomware attacks are not just proliferating, but becoming increasingly targeted too. Blocking one is extremely difficult. Defenders are like the batters in a cricket game, who need to deflect every ball thrown at the wicket. Hackers just need to knock the bails once to win.

A survey by Trend Micro found that 65 per cent of UK businesses hit by ransomware last year paid the ransom, despite all security agencies and police forces advising against complying with attackers’ demands.

Explaining why victims should not pay up, Pascal Geenens, Radware's security evangelist for the EMEA region said, “Firstly, there is no guarantee that you will recover your data and secondly, even if you do recover your data, hackers may come back at a later date demanding an even larger ransom.”

Geenen says companies must place an emphasis on prevention by educating employees and putting protective technologies like firewalls, antivirus software and intrusion detection systems into place.

On top of that, companies are encouraged to establish a disaster recovery plan. So if a breach happens, there is a plan to minimize the damage. A company must concentrate on strengthening those things in order to make themselves less susceptible to ransomware. Once it happens, it’s too late.

Cybersecurity firms also encourage companies to back up their systems frequently.

“It should be done at least every hour,” said Mr Geenens. “That way, if an attack happens a company need only reboot their systems to the last point of backup.”

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Galveston Capital Tourism and Marketing Spring Break - A Hotspot for Family Activities

If you’re looking for some fun things during Galveston Spring Break 2017, there’s no need to look any further. We’ve put together this list of must-do activities for families and children of all ages to plunge into.

With spring break fast approaching – it kicks off March 13 in Galveston schools – the island is about to show the world why Galveston has become a national destination for folks in search of some excitement in the sun and moonlight.

To be sure, there’ll be plenty of bikinis on the beach, and the clubs will be hopping to the beat of hip-hop and rock. But that’s not all. Galveston has lots to offer for families and children of all ages.

So without further ado, here are some cool, fun-filled spots to take the family during your Spring Break stay in Galveston:

Galveston Island Historic Pleasure Pier

This colorful, neon lighted pier that extends over the Gulf of Mexico at 25th Street is the place to be for thrill-seekers young and old.

The Galveston Island Pleasure Pier is home to midway games and 16 rides, from exhilarating coasters for thrill-seekers, to gentle rides for young visitors. There’s also a Bubba Gump Shrimp Company restaurant, along with cool shops to check out.

The adult rides include the Iron Shark Rollercoaster, Pirate’s Plunge, Gulf Glider, Revolution, Galaxy Wheel, Cyclone, and Sea Dragon. For the kids, there’s the Carousel, Big Wheelin’ car ride, the Frog Hopper, Texas Tea and Pier Pileup bumper cars.

Be sure to test your skills at the exciting midway games that include Whac-a-Mole, Big Shot Hoops, Nothin' But Net, Tub Toss, Ring Toss, Iron Shark Attack, Pirate Striker and Guess Your Weight or Age.

It’s a good idea to get there early, since time seems to be in slow motion as you hop on ride after ride, many of them more than once!

Schlitterbahn Waterpark

2026 Lockheed Dr., next to Moody Gardens | 409-770-9283

For the ultimate fun in the sun adventure, slide on over to Schlitterbahn Waterpark and plunge into more than a dozen heated water adventures, including the MASSIV – one of the largest water park rides in the nation.

There’s something for just about everyone at the waterpark – tube slides, speed slides, and kids’ activity areas with a pint-sized slides, a secluded beach, a heated pool, a man-made surfing wave, and the Torrent® tidal wave river.

If you’re feeling courageous, climb aboard the MASSIVE – the world’s tallest water coaster. The hair-rising ride includes four uphill sections with six blaster jets, culminating in a triple-drop ending in into a landing pool.

With its 26 acres of thrilling waterpark adventures, Schlitterbahn Galveston Island Waterpark is a sure shot for family fun.

Seahorse and Classic Carriages

2100 Strand | 409-925-3312

Island Carriages

2528 Postoffice | 409-765-6951

If you’re looking for something a bit slower paced, the island has several carriage companies to take you and the family for a close-up look at some popular Galveston sights and sounds.

Lose yourself in the wonderful historic atmosphere of the island, whether it’s a guided historic tour or a quiet romantic ride. The horse-drawn carriages will take you along tree-lined streets, providing the perfect vantage point to see the architectural details of the historic mansions.

It’s like stepping back into the past, when Galveston was known as the Wall Street of Southwest. During this golden era of Galveston – from the mid-1800s to the mid-20th century – the city was home to a number of firsts in Texas.